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Child savings question
Darth_chaffinch
Posts: 162 Forumite
Apologies if this should be elsewhere:
Can I / is it sensible to start a childrens saving account (which has better interest, but can be accessed by them at 16), but then transfer it into an ISA before he turns 16?? I want to do it so he gets a decent sum when he's ~22.
Thanks!
Can I / is it sensible to start a childrens saving account (which has better interest, but can be accessed by them at 16), but then transfer it into an ISA before he turns 16?? I want to do it so he gets a decent sum when he's ~22.
Thanks!
0
Comments
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with those timescales its usually better to look at investments rather than savings. You then retain control until you are ready to pass it to them.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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